What Will the Powerball Jackpot Winner Get

Social Media The estimated $1 billion Powerball lottery jackpot will result in a significant tax bill for the winner Cross Arrow

For the drawing on Saturday, the Powerball lottery's announced cash value is around $497.3 million.

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One of two options is available for the jackpot winner of the Powerball drawing. They have two options for

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receiving the prize money: either as an annuity, which would be paid in thirty progressive amounts over twenty-nine years.

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While $497.3 million and $1 billion are both large sums of money, Monday's lucky

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Powerball lottery winner (if there is one) will also have to pay a sizable amount in taxes.

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Depending on where the Powerball winner lives, one of those tax bills will come from Uncle Sam and another

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one might be from the state. The precise amount of tax that the winner must pay will depend on a number of variables

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including as the payout option they select and the state tax rate that applies. (Some states do not tax wins from lotteries.

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The tax rates for lottery wins in other jurisdictions that do normally range from just over 3% to about 9%).

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As a result, the Powerball jackpot winner will receive much less money

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than the $1 billion that has been plastered across news stories about lotteries.

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What Will the Powerball Jackpot Winner Get

For the drawing on Saturday, the Powerball lottery's announced cash value is around $497.3 million.

Social Media

One of two options is available for the jackpot winner of the Powerball drawing. They have two options for

Social Media

receiving the prize money: either as an annuity, which would be paid in thirty progressive amounts over twenty-nine years.

Social Media

While $497.3 million and $1 billion are both large sums of money, Monday's lucky

Social Media

Powerball lottery winner (if there is one) will also have to pay a sizable amount in taxes.

Social Media

Depending on where the Powerball winner lives, one of those tax bills will come from Uncle Sam and another

Social Media

one might be from the state. The precise amount of tax that the winner must pay will depend on a number of variables

Social Media

including as the payout option they select and the state tax rate that applies. (Some states do not tax wins from lotteries.

Social Media

The tax rates for lottery wins in other jurisdictions that do normally range from just over 3% to about 9%).

Social Media

As a result, the Powerball jackpot winner will receive much less money

Social Media

than the $1 billion that has been plastered across news stories about lotteries.

Social Media

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